Gas and Renewable Energy Specialist at the Major Energies Marketers Association of Nigeria (MEMAN), Mrs. Adelanke Dayo-Adepoju, has raised concerns over the about N5.2 billion owed to electricity generation companies (GenCos), warning that the debt is undermining effective power service delivery in Nigeria.
She also noted that the country is blessed with an estimated 210.54 trillion cubic feet (tcf) of proven natural gas reserves as of January 1, 2025, stressing the need for Nigeria to maximize the potential of this abundant resource.
According to her, such a significant resource base should translate into improved energy security and economic growth if properly harnessed.
“Money being owed is negatively affecting the sector. If I have invested so much in my business, I expect profit. We encourage the government to pay this debt. For future investments, it is better that agreements are entered into with clear payment due dates, structured in a way that ensures receivables are settled on time to minimize losses,” she said.
Dayo-Adepoju warned that continued non-payment could have severe consequences for operational sustainability in the power sector.
“If I am not exposed to cash and cannot plan my business properly or maintain my equipment, deterioration will set in over time. Equipment must be maintained when due, otherwise, there will be delays in infrastructural development. These challenges must be identified and addressed through active engagement with the government,” she added.
Speaking further, she lamented that despite the introduction of a gas master plan years ago, implementation gaps remain, especially in the areas of gas transportation, compressed natural gas (CNG) for vehicles, and broader gas utilization strategies.
“We have evolved over time, but it is important that we come together to have key discussions around gas utilization. We rebranded in line with the energy transition to become Major Energy Marketers because we want the downstream sector to be not just seen but actively engaged in the energy transition, exploring the future of downstream operations in line with global trends,” she said.